Salem Investment Counselors Inc. Has $900,000 Stake in Corning Incorporated (NYSE:GLW)

Salem Investment Counselors Inc. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,651 shares of the electronics maker’s stock after selling 400 shares during the period. Salem Investment Counselors Inc.’s holdings in Corning were worth $900,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GLW. Sierra Ocean LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new stake in Corning during the 4th quarter worth approximately $29,000. Vermillion Wealth Management Inc. acquired a new stake in Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC acquired a new stake in Corning during the 4th quarter worth approximately $30,000. Finally, Mainstream Capital Management LLC acquired a new stake in Corning during the 4th quarter worth approximately $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GLW. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Finally, Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $53.08.

Insider Activity

In related news, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.40% of the company’s stock.

Corning Trading Down 2.5%

Shares of GLW opened at $49.54 on Friday. Corning Incorporated has a 52-week low of $37.05 and a 52-week high of $55.33. The business’s fifty day moving average is $46.19 and its 200-day moving average is $47.77. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market cap of $42.43 billion, a price-to-earnings ratio of 85.42, a PEG ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the company posted $0.38 EPS. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. Corning’s payout ratio is 215.38%.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.